Macy’s Inc. (NYSE:M) reached a new 52-week high and low on Monday following a dividend announcement from the company. The stock traded as low as $34.98 and last traded at $35.10, with a volume of 425953 shares changing hands. The stock had previously closed at $34.10.
The newly announced dividend which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 15th will be issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date is Thursday, June 14th. Macy’s’s dividend payout ratio (DPR) is presently 40.05%.
M has been the subject of a number of research reports. ValuEngine downgraded shares of Macy’s from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Deutsche Bank increased their price objective on shares of Macy’s from $27.00 to $28.00 and gave the company a “hold” rating in a research note on Monday, February 26th. Jefferies Group restated a “hold” rating on shares of Macy’s in a research note on Tuesday, February 27th. Morgan Stanley increased their price objective on shares of Macy’s from $23.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. Finally, Gordon Haskett upgraded shares of Macy’s from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research note on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Macy’s presently has an average rating of “Hold” and a consensus target price of $28.02.
The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.48 and a current ratio of 1.52. The stock has a market cap of $10.35 billion, a price-to-earnings ratio of 9.24, a PEG ratio of 1.06 and a beta of 0.73.
Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, May 16th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.12. The firm had revenue of $5.54 billion during the quarter, compared to analysts’ expectations of $5.39 billion. Macy’s had a net margin of 6.45% and a return on equity of 24.56%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 EPS. equities research analysts forecast that Macy’s Inc. will post 3.78 earnings per share for the current year.
In other news, Director Deirdre P. Connelly sold 9,092 shares of the firm’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $29.25, for a total value of $265,941.00. Following the transaction, the director now owns 16,184 shares of the company’s stock, valued at approximately $473,382. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Jeffrey Gennette bought 10,000 shares of Macy’s stock in a transaction dated Thursday, April 12th. The stock was acquired at an average cost of $29.10 per share, for a total transaction of $291,000.00. Following the purchase, the chairman now directly owns 89,303 shares in the company, valued at approximately $2,598,717.30. The disclosure for this purchase can be found here. Insiders sold a total of 107,392 shares of company stock worth $3,173,164 in the last ninety days. Insiders own 2.36% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd lifted its stake in Macy’s by 78.4% in the first quarter. Harvest Fund Management Co. Ltd now owns 4,067 shares of the company’s stock valued at $120,000 after buying an additional 1,787 shares in the last quarter. ING Groep NV lifted its stake in Macy’s by 20.6% in the first quarter. ING Groep NV now owns 12,742 shares of the company’s stock valued at $379,000 after buying an additional 2,180 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Macy’s by 3.7% in the first quarter. Commonwealth Equity Services LLC now owns 62,904 shares of the company’s stock valued at $1,870,000 after buying an additional 2,244 shares in the last quarter. Advisory Services Network LLC lifted its stake in Macy’s by 18.1% in the fourth quarter. Advisory Services Network LLC now owns 14,696 shares of the company’s stock valued at $370,000 after buying an additional 2,253 shares in the last quarter. Finally, Doyle Wealth Management lifted its stake in Macy’s by 8.9% in the first quarter. Doyle Wealth Management now owns 27,770 shares of the company’s stock valued at $826,000 after buying an additional 2,265 shares in the last quarter. 88.96% of the stock is currently owned by institutional investors and hedge funds.
Macy’s Company Profile
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
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